With startups beating out traditional banks for Webby Awards, perhaps the rise of fintech in Canada has incumbents feeling the beginnings of a squeeze.
The Royal Bank of Canada has taken one small step toward being more customer-friendly by rendering Interac e-Transfer payments free for all personal chequing accounts. Previously consumers were dinged a dollar per transaction, depending on one’s account type—which, in an age of frequent peer-to-peer transfers, really added up for many consumers.
“Offering free e-Transfers supports our commitment to helping our clients seamlessly and quickly send money how they want and when they want,” said Linda Mantia, executive vice-president, Digital, Payments and Cards at RBC. “As clients embrace new technologies and increase their use of mobile we are always looking for ways to provide them with added value and convenience. Taking this leadership role in person-to-person payments will allow us to continue to build client loyalty and maintain strong client relationships.”
It’s not a technological innovation, but it’s clear that RBC understands the financial technology revolution is about far more than just tech; it’s about customer-focused service and affordability of financial services.
“RBC clearly recognizes the changing nature of payments and that clients are demanding and embracing digital payment options as part of their core banking services,” said Mark O’Connell, president and CEO of Interac Association and Acxsys Corporation. “Clients want to be able to easily and securely pay and exchange money using funds in their bank accounts and our payment solutions, like Interac e-Transfer, help financial institutions meet this need.”